Krane Funds Advisors LLC Reduces Holdings in Consolidated Edison, Inc. (NYSE:ED)

Krane Funds Advisors LLC lowered its stake in Consolidated Edison, Inc. (NYSE:ED) by 14.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,639 shares of the utilities provider’s stock after selling 428 shares during the period. Krane Funds Advisors LLC’s holdings in Consolidated Edison were worth $235,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Consolidated Edison in the fourth quarter valued at approximately $399,824,000. ExodusPoint Capital Management LP increased its holdings in shares of Consolidated Edison by 412.0% during the 4th quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider’s stock valued at $97,564,000 after purchasing an additional 879,866 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Consolidated Edison by 27.9% in the 4th quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider’s stock valued at $332,090,000 after purchasing an additional 812,885 shares during the period. Burkehill Global Management LP purchased a new stake in Consolidated Edison during the fourth quarter worth $53,538,000. Finally, Vanguard Group Inc. grew its position in Consolidated Edison by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 42,455,662 shares of the utilities provider’s stock valued at $3,788,319,000 after buying an additional 488,752 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

ED has been the topic of several research analyst reports. Barclays lifted their price objective on Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a report on Monday, February 24th. Morgan Stanley upped their price objective on shares of Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a research note on Thursday, March 20th. Scotiabank upped their target price on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a report on Monday, February 24th. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Finally, UBS Group boosted their target price on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $102.40.

Consolidated Edison Stock Performance

NYSE ED opened at $109.53 on Monday. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 12-month low of $87.28 and a 12-month high of $114.87. The stock has a market capitalization of $39.45 billion, a price-to-earnings ratio of 20.90, a PEG ratio of 3.05 and a beta of 0.27. The business’s 50 day moving average is $101.43 and its two-hundred day moving average is $98.70.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.63 billion. Research analysts expect that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend was Wednesday, February 19th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio is currently 64.89%.

Consolidated Edison Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.